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MoneySights raises $270,000
By siliconindia
Bangalore: RupeeStreet Financial Services, a Bangalore-based company which runs the website MoneySights.com, has raised $270,000 from Blume Ventures and InMobi founder Naveen Tewari in February 2011 but was not announced till date as the company was waiting for a commercial launch of MoneySights.com in a bid to build up enough traction. The fund will be used for expansion the 10-member team and step up its partnership efforts.
MoneySights.com is a website that lets users search and find mutual fund investments best suited for their needs by creating a portfolio of mutual funds to minimize investment risks and picks one which is diversified across sectors and market capitalization. Currently there is no option for the users to purchase mutual fund online.
Co-Founded by former InMobi employees Mukesh Kalra and Santosh Navlani in 2009, the firm eyes to venture into the online mutual funds distribution market. MoneySights is registered with the AMFI, and uses algorithms to make mutual fund recommendations, based on a users risk profile. The firm has raised an angel round of funding from Prasad Duvvuri (Head, Service Delivery, India Media and Entertainment) of IBM India and Naveen Tewari (InMobi) in early 2010, however the deal amount was not disclosed by Santosh Navlani.
MoneySights came out of an invite-only phase around 20 days ago. The company says that they have went through rapid interactions in the past few months, from trying a B2B, subscription-driven model to a free for consumer, transaction-oriented model. The firm has tied up with nine AMCs including ICICI Prudential, Birla Sunlife, UTI, Franklin-Templeton, IDFC and Reliance and will have 12 AMCs by July. The firm said that they have around 2,000-3,000 regular users managing their equity market investments via the site.
Navlani said that it is not just an information portal but a complete solution that takes raw data on mutual fund schemes and processes it to allow users to take decisions while planning investments. Although only five per cent of mutual funds are bought over the internet in India, the company believes that this trend is changing fast.
The company plans to begin transactions on the website for the users to purchase mutual funds online. This facility will be enabled by July this year. The site will be a non-ad-realising model. By next year, the firm plans to develop MoneySights.com further to allow users to invest in stocks and buy insurances online.
Currently the firm competes with various online lead aggregators and financial products comparison sites such as Apnapaisa.com, PolicyBazaar.com, BankBazaar.com, Mumbai-based iGear Financial Services that runs MyInsuranceClub.com, i-Save, InsuranceMall.in, ApnaInsurance.com, Peacock Financial Advisors's Getmeinsure.com, Click2Insure, Insurancepandit.com and many more.
In the near future, the firm looks to target retail individuals with lower ticket sizes-of less than 
5,000 per month, who brokers/advisors are not interest in, and especially those investors who aren't financially savvy, and finds existing channels 'complex, boring & stressful'. The firm does not charge any fee to the investors, but receives upfront commissions of 0.4 percent to 0.75 percent and trail commissions of up to 0.5-0.75 percent per annum.
5,000 per month, who brokers/advisors are not interest in, and especially those investors who aren't financially savvy, and finds existing channels 'complex, boring & stressful'. The firm does not charge any fee to the investors, but receives upfront commissions of 0.4 percent to 0.75 percent and trail commissions of up to 0.5-0.75 percent per annum.
